Answer Each of the Following Questions (A-C)with a Separate Short

question 7

Essay

Answer each of the following questions (a-c)with a separate short paragraph per question.
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(a)What is the difference between a real account and a nominal account? Give an example of each type of account.Why is this distinction important for the closing process?
(b)What two purposes are served in making closing entries?
(c)Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?

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Definitions:

Conditioned Stimulus

A stimulus that, after association with an unconditioned stimulus, comes to trigger a conditioned response.

Little Albert

An early 20th-century experiment in classical conditioning where a young child was conditioned to fear a white rat, showcasing how emotional responses could be conditioned.

White Rat

Traditionally used as a subject in psychological and medical research because of its genetic uniformity and ease of observation.

Classical Conditioning

A training method in which pairing two stimuli repeatedly leads to a response originally produced by the second stimulus now being produced by only the first stimulus.